Is 1.65% APY for Checking a Good Deal? – Daily Deal!

The HSBC Direct Online Savings Account has no monthly fees and requires no minimum balance and pays 1.65% Annual Percentage Yield (APY) – over 5 times the national savings average. But is this really a good deal?

1.65% APY sounds really lousy, until you look at the alternatives. Internet-only rates on Bankrate range from 0.75% APY to 1.3% APY. Traditional checking accounts at TCF Bank and Chase Bank are at a measly 0.01% APY – what’s up with that?

HSBC Direct Online Savings 1.65% APY*. No fees and no minimums. Access your account anytime.

If the purpose is to just make sure you are earning something on your money before moving it to your checking account, then the HSBC rate isn’t all bad. You can connect the HSBC Direct account to any checking account, at any bank. Start with $1 minimum, and no fees. Deposits and withdrawals are easy and convenient, too and can be handled for free at any HSBC ATM.